Blog Posts on austrian school
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What is PPP? by FOO Law and Economics on Oct 12, 2010It’s not purchasing power parity, a theory used to explain exchange rates. But PPP was once called the BOT scheme. So says the Philippine News Agency: MANILA, Sept. 13 (PNA) — President Benigno Aquino III has issued an executive order...
The Holy Grail of investments – Part 2 by FOO Law and Economics on Oct 2, 2010In an earlier post, I outlined the conventional wisdom on what drives the business cycle, and how stock and bond markets react to the cycle. What if the stock market can by itself induce the business cycle? In this case, the conventional wisdom no...
The Holy Grail of Investments by FOO Law and Economics on Aug 20, 2010There is a latent sentiment “out there” that there is something wrong with mainstream economics, at least insofar as it is used for generating investment advice. The conventional wisdom on the capital markets starts with the idea that the real ec...
Paul Krugman redux by FOO Law and Economics on Jul 2, 2010The level of debate post-2008 crisis has come down, low down, to challenges to a bar room brawl. If only Krugman did some reading of even a quarter of Austrian economics, he couldn’t dare be a macho guy again. It seems that the Europeans are ri...
Wall Street’s “Perfect Crime” by FOO Law and Economics on Apr 5, 2010[Here’s a piece of fiction I received in a brown unmarked envelope in my snail mail box, along with a copy of a special issue of Critical Review on “The Causes of the Crisis,” Vol. 21, Nos. 2-3, 2009.] **** Now it can be told. The story of th...
Three years ago and counting .. by FOO Law and Economics on Mar 11, 2010Global warming, global schwarming – Reisman said it well three years ago. Even if humans cause global warming, it does not necessarily mean that it’s bad. It’s not funny but Al Gore makes a possibly indecent living out of this. ...
Hayek vs. Keynes by FOO Law and Economics on Jan 27, 2010This is a rap rendition for the history of economic thought, which I teach this semester. Hat tip to Lasse Lien and Eirik Sjåholm Knudsen. Posted in economic thought, macroeconomics Tagged: austrian school, hayek, keynes, rap...
Macro debates redux – the gospel according to Paul by FOO Law and Economics on Sep 5, 2009The following are excerpts from Paul Krugman’s latest summary of the macro debates: First: But the self-described New Keynesian economists weren’t immune to the charms of rational individuals and perfect markets. They tried to keep their deviatio...
Austrians as Chicken Little by FOO Law and Economics on Aug 1, 2009Here’s a claim that the Austrian School (of thought) saw the global crisis coming. And here’s a neat version of the Chicken Little story.
Cielito Habito on the “recession” and how we measure happiness by FOO Law and Economics on Jul 21, 2009Just saw this. Prof. Habito says in effect that GDP is “just a number.” All the fans of Nassim Taleb agree, including yours truly. Filipinos can also be inventive. Perhaps we can make a new statistic, unique to the Philippines. Ca...
